15,000 Florida families may be due $9M in unpaid death policies

At least 15,000 Florida families whose elders long ago bought pennies-a-week life insurance may be owed roughly $9 million in never-paid benefits from MetLife, state officials say.

Agents for the insurance giant went door-to-door until 1964 selling small "industrial policies" to working class families across the country, but lost touch with some and may have failed to pay when the policyholders died. Most had pay-off values of $1,000 or less.

In a settlement signed Monday with Florida and other states, MetLife agreed to pay an estimated $438 million nationwide to beneficiaries — $118 million this year and the rest over the next five years as policyholders die.

Those who believe a family member bought a MetLife policy and may be owed money can check online. Enter the person's name and details at metlife.com/policyfinder. Those who have MetLife life policies can call 800-638-5000.

In the settlement, MetLife agreed to step up its efforts to find missing policyholders or their beneficiaries. If they cannot be located after a year of searching, the company will send the money to state unclaimed-asset programs that try to find the recipients.

MetLife could not confirm the state's estimate of how many of policies affected by the settlement were held by Floridians or how much they are owed, spokesman John Calagna said. The state Office of Insurance Regulation figures are estimates, agency spokesman Jack McDermott said.

The company pays off 99 percent of its life policies as expected but has struggled to track down some of the old ones with missing or incorrect Social Security numbers and birth dates, Calagna said.

Insurance officials in Florida and several other states began investigating in 2009, saying the company did not do enough to check a master list of Social Security death records to find missing policyholders.

In the settlement, the company agreed to check the database quarterly this year and monthly next year to hunt for missing holders of the industrial policies – and also all of its life insurance and annuity policies.

The states that brought the action against MetLife will split a separate $40 million payment, with Florida in line for about $3 million, McDermott said.